Nvidia becomes the first $1 trillion chip company as AI explodes

Investors, perhaps searching for a foundation upon which to lay their AI investments, appear to have found one: Nvidia, whose market capitalization Tuesday makes it the first trillion-dollar chip maker. At press time, Nvidia's stock price had jumped to $409.76 per share, giving it a market capitalization of $1.014 trillion. Nvidia's fortunes soared last week, when the company reported net income of $2.04 billion on revenue of $7.192 billion. Surprisingly, revenues fell 13 percent from a year ago. Investors ignored that, however, as Nvidia estimated that the current quarter would bring in $11.0 billion in revenue, an almost unheard-of quarter-over-quarter increase.